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How to Future Proof Your Career Financially

In this episode, Royal Standley focuses on creating a solid financial plan for future career paths. He explores what opportunities clients should be aware of for their future careers and the importance of ensuring a stable and secure financial future for their families.

Episode 82 Transcript

Intro: Royal Standley of Oregon Pacific Financial Advisors offering securities through United Planners Financial Services member FINRA, SIPC, guides clients with empathy in discovering and reaching their financial goals and creates financial plans for clients so they can live their lives by design. In these episodes, he relates his financial insights and discusses timely topics. Royal strives for excellence and has a passion for sharing his knowledge and supporting his community. Now onto the show.

Aric Johnson: Hey, Royal, how you been?

Royal Standley: I'm good. How are you doing, Aric?

Aric: I'm fantastic. I'm so excited to get into today's podcast, but you are in a highly regulated industry.

Royal: Yes, I am.

Aric: And because of that, sometimes we have a disclosure that needs to be read, so let's do it.

Royal: All right. Here's the disclosure for today. Discussions in this show are for educational purposes only. Information presented should not be considered specific investment advice or a recommendation to take any particular course of action. Always consult with a financial professional regarding your personal situation before making any financial decisions. The views and opinions expressed are based on current economic and market conditions and are subject to change. All investing involves risk, including the potential for loss of principle. Securities offered through United Planners Financial Services member FINRA, SIPC, advisory service offered through Oregon Pacific Financial Advisors, Inc.

Oregon Pacific Financial Advisors and United Planners are independent companies, and neither Oregon Pacific Financial Advisors nor United Planners offers tax or legal advice.

Aric: Okay, now that we've taken our medicine, can we get on with the show?

Royal: Let's go.

Aric: Hello and welcome to Life by Design with Royal Standley of Oregon Pacific Financial Advisors. Royal, what's going on?

Royal: Nothing much. I just had my daughter, uh, finish up her third-grade year and now I, I will have a fourth grader here coming up. What's, what's new with you? I heard you were, we're out on the lake.

Aric: Yes. Let's wait - Hang on. Back up. That child was just born like a year ago. How, how is it possible she's in going to fourth grade?

Royal: Time seems to be moving a little faster than it used to.

Aric: Yeah.

Royal: You know, so you're born because she was born in the before times.

Aric: Oh yes.

Royal: And then we had Covid and now we are in the after times. So yeah, it's, it's going by way too quick. So, yeah, she is you know, a newly minted fourth grader. She's very excited. But yeah, it's scary as a parent as you start doing that math of like, okay, I've got five years left until I have a teenager. So I've got about five years left to put my stamp on her.

Aric: That makes my eyes pop.

Royal Before she loses all interest in mom and dad.

Aric: Yeah. Wow.

Royal: And she is just a being unto herself.

Aric: Yeah. Yeah. Hmm. I've been through that. Good luck. We, we appreciate it. Hey listeners, if you have any advice for Royal, he will take advice through email. Just let you know, so, and we'll give contact info at the end of the show.

Royal: That's right.

Aric: Those of you who gave been through this. Alright. Right. Yes. You mentioned that I, I was on the lake, I went on a fishing trip with a friend of mine and it was the first time I have fished for walleye and yeah, it was a great trip.

Royal: And for our listeners, describe what a walleye is.

Aric: A very large fish that comes from a lake. It's not a being in Nebraska, there's no ocean fish around me. So, a walleye is, and I, I wish you could visualize this, uh, Royal, I said I'd send you some pictures. A walleye is this type of fish that you don't put your thumb in their mouth to hold them up because they have extremely sharp teeth and a lot of them, I mean, they're, they were very pre-historic looking fish from the mouth, mouth angle. Uh, but it was, it was such a good time. Uh, the weather was great at cooperating. It was a bit windy on the lake, but that kind of cools it down. Anyway, we caught our limit. Um, then we had a huge fish fry between a, a couple, a couple families and, and yeah, it was just a lot of fun. It was, it was a good time to be out on the water.

Royal: So the walleye community there is going to be remembering when Aric came to town.

Aric: Oh yes. I mean, there are legends being written right now. It's, it's a huge lake. There were a lot of fishermen. I think there's, there was a tournament coming up that weekend, and so there was a lot of people with very, very expensive boats zipping around with their sunglasses, looking as cool as possible. And, and the, there's a lot of attitude in that fishing community, I don't know. And the, and the pro-fishermen community. In the relaxed fisherman community, it's just like, eh, nice boat. That's about it.

Royal: So a much different vibe.

Aric: Much different vibe. You're on a, you're on a nice boat that maybe an average person could afford, and then somebody zips by you with four engines on the back and it's like $250,000 boat to catch fish. I think that's a bit extreme, but if you can do it and get sponsors, go for it.

Royal: There you go. Which, which really ties in well with our, uh, our topic for today.

Aric: Absolutely. Yeah. So why don't you tell 'em what we're talking about today?

Royal: We're, we're talking about future-proofing your career. So what it sounds like is walleye fisherman is the way to go.

Aric: Yeah. Fishing in general, I would think people have to eat and, and fish are tasty.

Royal: That's right. That's right. Yeah. But, but seriously, uh, what I thought we would go over today is really looking at the next 20, 30 years and what we're seeing in the nation, in the world. Uh, new developments are happening right and left. And really, we, we are hoping to impart some advice on our listeners as they're looking to the future, as they're planning their careers out, or maybe a mid-career change.

Aric: Mm-hmm.

Royal: What are some of the things that we're seeing, uh, what are the, the things that we think are gonna be important in the next few years, and how best can you prepare from, from a financial planning standpoint to make sure that you don't lose any momentum as these changes are happening around you in the world.

Aric: Yeah, absolutely. So I would say listener, this is a great one to share with anyone who has high school kids or even junior high or, or middle school, uh, because they've gotta start thinking about this stuff now. They don't have to pick that career path, you know, from middle school, but at least give them an idea of some things that they could do and see what they enjoy and that they can start to take some high school classes and then either college classes or some trade stuff. I mean, there, there's so many options out there, Royal.

Royal: Absolutely.

Aric: All right. Where do we start? ‘Cause this is a huge topic.

Royal: Yeah. I think the place that most people are, are looking at with a little bit of concern, a little bit of hope, is this whole thing called AI, artificial intelligence, these large language model computers like chat, Chat PT.

Aric: Mm-hmm. That's it. Mm-hmm. ChatGPT.

Royal: Um, and those iterations that are coming out that are really redefining, uh, what it means to work in technology. We're seeing this all across lot of different career paths, a lot of different a lot of different jobs and industries, um, where AI is, is seeping in and changing the way things look there.

Aric: Mm-hmm.

Royal: We also have a lot of new technologies, a lot of new, uh, automations coming through. And really, I think the, the face of what the different companies are going to need from their employees is going to change pretty dramatically.

One of the, the best terms I have seen out there, and I'm gonna steal this, but credit him uh, Scott Galloway, who's a professor and a podcaster, uh, had a great point. He said, your job is not going to be taken by AI, but you could potentially lose your job to someone who understands AI.

Aric: Mm-hmm.

Royal: And I think that's a really important designation there because for folks who are looking at the future, it's really a calculation of how does this new technology factor into your plans for the future.

So, what I thought we would do is talk a little bit about where we see opportunities in the future, um, for jobs. But before we even get to that, we have to really look at this demographic shift that is happening here in the US and around the world where right now we have a very, very tight job market because there are not enough people who are working in the workforce right now.

Aric: Correct.

Royal: And there's a lot of different theories on that. Some of this is. One thing that we hear quite often is, oh, well the, the government's still giving out way too much money, and because of that people don't wanna work. The Government hasn't given out money for the most part, for, for the last two years or so.

Aric: No.

Royal: So that's really dried up. We're seeing savings go down. We are just seeing a large amount of people who have retired out of the workforce in the next, uh, uh, three years. Virtually all baby boomers are going to be out of the workforce. And the baby boomer generation was so large that we just don't have enough people in Gen X and Gen Y uh, to replace them. We kind of have to wait for all of Gen Z to, uh, get older and join the workforce before we really have good replacements for, uh, the baby boomers. And that's gonna take us probably another five to 10 years to really get the, the, the, the vast majority of Gen Z into the workforce.

Aric: Yeah.

Royal: So, we're at this, this, uh, crisis point where we just don't have enough workers. We've really tried to cut down on immigration. So, there's a lot of opportunities here, so as we jump into where, where do we see opportunities in the workforce, we've got an aging population. They're gonna need a lot of healthcare and healthcare professionals up and down the board from a CNA, uh, which is a, an entry-level nursing position, all the way up to, uh, uh, you know, doctors and surgeons. There's a giant need here for more healthcare professionals. So, if you're looking at making a, a decision on where to invest for your career or a mid-career change, healthcare really is, and will continue to be, one of the top options for folks. There are just some dire consequences that we're seeing across healthcare right now where there's just not enough providers to really fill in all those gaps, especially when you start looking at, kind of general practitioner family doctors.

Aric: Mm-hmm.

Royal: There's just not enough because of some of the incentives inside of healthcare where you get paid a whole lot more for specializing in some something versus being a general, generalist.

Aric: One of the things that goes along with that, Royal, in, in my opinion, something that I've seen, uh, due to a few of the connections that I've got is construction is also going to increase in that, in that arena because there are gonna be more people needing assisted-living, independent-living care, and then long-term care. And so facilities are gonna be important to be built. There's investment opportunities there. I'm not suggesting investments, but, you've got companies that are looking at that going, okay, how do we capitalize on this? Where do we build these, these places where people are gonna end up living a lot of times, uh, because they just need the assistant as they get older. Like you said, we're living longer, but it doesn't necessarily mean that we're gonna be healthy that entire time. Right. So, For people that maintain those buildings, that's gonna be an, an increase in the job market. People that are building those buildings, same thing. Like I said, the construction, there's all sorts of opportunities there that revolve around an aging population. So that's, yeah, that's huge.

Royal: Yeah. And that's a, that's a great point. You know, talking about construction, talking about the other trades, electrician, plumbers, all of those are really vital professions that we just need more people in. Uh, and those are oftentimes really, really good jobs, especially as you kind of move up through apprenticeship where you're seeing some, some really good hourly numbers of how much you can make.

Aric: Yeah, I've got stats,

Royal: Huh?

Aric: I have stats. You ready?

Royal: Let's hear 'em.

Aric: Because the trades for me is something that I, I think we're losing people in. In fact, I know we are because in, in my local area, and then also I'm in, in, I'm in Nebraska, I'm in Omaha in my local area, and some of the folks that I've spoken to in different cities in the country, their apprenticeship programs are lacking and they're trying their best to recruit. So, I've just got some stats as far as some salaries. The average salary for, uh, and we're talking, this is like a four year. All these are gonna be four year not, not students, but when they graduate out of a four-year program, as they're, they're making money the entire time. It's like an apprenticeship program, but when they're a level four, let's put it that way, level four pipe-welder average salary in the US is $71,000. That's not a bad salary. Electrician in is even better at $83,789. And this is as of May of 2023, uh, somebody who's working in HVAC, the median, this is just middle of the road here, $69,500 a year, and then an an automotive mechanic level three is $61,000 on average in the US. There's nothing to shake a stick at. And those four that I brought up, just like you were saying, We need them because every building has HVAC, every building has electricity. Most of 'em, at least. They're gonna need electrician, they're gonna need technicians that are gonna keep that stuff running. Cars are not gonna stop running. We, we've gotta have mechanics. And certainly, for love of God, we need plumbers. Okay. And welders, because something's always being built. So, it's, I think the, and I think those salaries are gonna go up because there's such a demand for folks.

Royal: Yeah, absolutely. And, and we're seeing it across the board. I think we're, we're really reevaluating how we look at post-secondary education. What happens after high school?

Aric: Yes.

Royal: I think for, for too many years, college was the only route to be quote unquote successful.

Aric: Mm-hmm.

Royal: And now we, we have a whole generation of people who are well-educated but really don't necessarily have a, a skill that they can fall back on other than a college degree that they can do and perform in, in the workforce.

Aric: Mm-hmm.

Royal: So, um, we really have an overabundance, let's say, of office workers and not enough people out there working outside with their hands.

Aric: Yeah. Um,

Royal: And, and that, that imbalance has really increased the, the the wages for those trades. So that's another piece is. You know, a lot of people went to school, got their four-year degree, and then had some, some trouble finding out, um, you know, how much their degree was really worth. And so that's, that's one place where I think there, there's a ton of opportunity for folks and especially kids coming out of high school, to really look at those trades cause you can, you can start making money really quick.

Aric: Yeah.

Royal: In those trades. So, uh, thank you for bringing that up. I think that's fantastic.

Aric: Well, and I didn't mean to derail you because you were, you had started talking about technology and IT,

Royal: Mm-hmm.

Aric: And and, and AI.

Royal: Right, right.

Aric: The, going back to technology in general, I've seen a big increase in the need for cybersecurity as well, because as, as more and more things are just computerized and AI is making a bigger impact, there's gonna be AI that is somebody purposes to infiltrate a company. That's just what that's gonna happen. So the cybersecurity industry is also growing quite a bit because we, well, we've gotta protect companies and so they're gonna hire the best of the best to get in there and make sure that their stuff is locked down. So we don't have all these breaches.

Royal: Absolutely. And we're, we're gonna see a lot of new positions and new job positions created here.

Aric: Mm-hmm.

Royal: Because of AI and all of the things that, that will, uh, draw out. So we think back to, you know, the early nineties, the advent of the internet, honestly when, you know, those first websites, it was like, okay, here's a static website where we just put on text.

Aric: Yeah.

Royal: It's basically a business card or, or something like that for a business. And that's it. And now, you know, 20, 25 years into that, we, we have millions of different jobs, millions of different positions here for folks working in, in the internet. So we are, we're just at the very nascent stage of AI. So,

Aric: Yeah.

Royal: Um, staying on top of those developments, especially if you're interested in tech, is, is really essential there, and then looking for additional education and training. You know, the other area where we have a vast, vast shortage is in mental health.

Aric: Mm.

Royal: Um, there's just a giant need for more therapists, psychologists, social workers, counselors. All across the, uh, the gamut. So that's another area where if you have an interest or a heart for that type of work, another great opportunity there. So, as you're looking at the changing job markets, there's definitely some, some kind of future-thinking you need to put in and say, number one, can this job be automated completely? And I think all of the, the uh, all of the, the jobs that we were talking about here, are ones where really they're very difficult to automate.

Aric: Mm-hmm.

Royal: There's, there, there's definitely opportunities for their, those jobs to be improved and become more efficient with the benefits of AI. But there's probably gonna always have to be, you know, a face or a pair of hands behind those jobs to complete them. Uh, we're just not at the point where we can automate nurses or doctors.

Aric: Yeah.

Royal: Nor would we ever want to.

Aric: Yeah, exactly. It's interesting ‘cause as you were talking about AI and, and not necessarily replacing jobs, but people that understand how to pivot, right, they're gonna be the ones that are successful. I remember 10, 15 years ago transcriptionists were something that, it was, it was done by a human. Then, I know that Microsoft Word came out with dictation. There was a, there was a company, I don't even know if it's in existence anymore, Dragon Dictation. There were these companies that did dictation that you could speak and it would type what you did, but people still didn't utilize that to do their own transcripts.

They were still sending in recordings to transcriptionists, but the transcriptionists that pivoted well, we're utilizing a lot of these programs so they could run two or three audio samples into a, into a, a Word document that would just type everything out that it hears. Then they would go and clean it up. So they were pivoting before AI. Now AI does transcripts so cleanly and so quickly. I don't think there are transcriptionists out there, uh, like, like on Fiverr that they used to be there for gig work. But, people that pivoted, they're the ones that, that came up with the times and they knew the writing was on the wall, that this is gonna last forever. So they made a pivot into either a different career or a different, different way to do it.

Royal: Yeah, and I think that that transitions nicely into the idea that you need to be flexible and it just puts so much more importance on this idea of lifelong-learning.

Aric: Yes.

Royal: And the fact that, you know, you're not gonna be able to walk out of, uh, college or a trade school. And go, okay, I'm done. I've learned it all. Don't need to pick up any new skills.

Aric: Yeah, yeah.

Royal: In this new age that we're going into, the ability to learn new things and to be curious about new things, I think will really separate you. The ability to understand what's going on, with just, you know, your level of digital literacy of understanding what all these, these different tools are and all the different platforms that could affect your position is just gonna be more and more important.

Aric: Mm-hmm.

Royal: And also, you know, the ability to think critically and analyze data. It has always been important, but that importance is gonna continue growing here, uh, because we, we are going to need people to work with these diff, different systems and analyze these things

Aric: Mm-hmm.

Royal: Alongside AI to really do their jobs.

Aric: Yeah.

Royal: And I think the, the most important part here is as we're talking about AI and what that means. We always have to remember, it all comes back to people. Relationships with people are so, so important.

Aric: Mm-hmm.

Royal: So being able to have those people skills, emotional intelligence, being able to, you know, work with people and be flexible with different personalities because, you know, the, the beauty of this country is we are always changing. And right now there's a lot of different types of people in the country.

Aric: Mm-hmm.

Royal: And your ability to navigate that really determines how much value you have for a company.

Aric: Right.

Royal: Or if you're starting your own business, being able to navigate those things just becomes more and more important. You know, once again, the, the importance of being able to communicate effectively.

Aric: Yeah.

Royal: Being able to write an email or, you know, talk, being able to public speak. All of those things are just so, so important in this changing environment.

Aric: Yep, absolutely.

Royal: So what I'd like to do is just pivot here and talk about how individuals should be thinking about this from a financial planning standpoint. Because what we're gonna see is we're gonna see disruption as AI kind of rolls through.

Aric: Mm-hmm.

Royal: In the next, let's say five to 10 years, we are gonna see job losses. We are gonna see job shifts. So what can you do to set yourself up to make sure that you and your family are protected, you know, as we're going through this environment of change.

Now, the, I think the first thing we need to do is not approach this from a, a standpoint of fear, but rather to look at it as, uh, from a standpoint of opportunity. And what I'm telling folks is it's never been more important to start looking at the fundamentals of managing money here because having a six-month safety net that's in the bank, that's hopefully earning some interest now that higher interest rates are, are, are with us.

Aric: Mm-hmm.

Royal: Uh, is is more important than ever because we will probably see job losses happen throughout the industries, especially if we go into a recession. So having that, uh, built up is, is more important than ever. Keeping your debt low, knowing what your budget is, and then also, looking at ways where you are taking advantage of opportunities to continue learning new skills is something we should start budgeting for. Especially if you're, you're early on in your career, uh, look for those opportunities to, take that extra elective class, take that extr,a kind of, weekend to learning a new skill. It's just more and more important than, than it's ever been before because of all of these changes.

Aric: Yeah. I, I, I think that's fantastic. And it, it's, I think people, I don't know, I, I don't wanna be pessimistic. I I I've seen a lot of people that just get stuck, right, Royal? They, they, they, they think, you know, this is what my career is. I'm, I'm good at what I do. And, and this is, I'm indispensable in a way. That just hasn't been true for a long time. I mean, a company can replace somebody pretty quickly. We've seen a lot of people, um, that we went through a time where we saw a lot of older folks, and I, when I say older, I'm talking 55, 60, so it's not like elderly, but older folks that all of a sudden, because their salary was a lot higher, they got let go and because the company could hire two younger folks for the same amount that they're paying the older person.

And that's tough. And, and so I, I don't want people to get stuck in that mindset. So what you just said is absolutely fantastic. I think it needs to be a highlight of this podcast. If you're not doing that, pivoting in lifelong learning, you're, you're gonna get left behind or left out.

Royal: Yeah. You know, skill, skills, decay over time. So, if you're not putting in the work, to get better, you know, on a, on a regular basis,

Aric: Mm-hmm.

Royal: Those skills become less and less valuable over time.

Aric: Yeah.

Royal: So that lifelong learning piece, just, you know, we we're gonna keep hitting on this because if you are concerned about your career and what this looks like, that's just such an essential piece of what can you do to become more valuable in the job market or in your company.

Aric: Yeah, I, I would just add, add this, Royal, just because it's, it's top of mind for me now. I, I suggest people be curious, right? That's, I think that that would be something, get a tattoo of it. That, that's my advice, not Royal’s, but get a tattoo somewhere you can see it. Be curious. Keep that mindset. Whenever you go into work, when you're curious, you ask questions. When you ask questions, you learn more. You get answers. Be curious about what else is going on within your company. Be curious about other people's roles so that you know that you can be a valuable asset for them as well, even if they're not in the same position as you. I, I think that when people are curious and they constantly remind themselves to be curious and they don't just stay in their corner or their cubicle or their office and just plug away that, that gives them more opportunities.

Royal: Yeah, absolutely. That's great advice. I don't know about the tattoo part, but you know,

Aric: yeah. You know,

Royal: You can get a, get a sign for your office, you know.

Aric: There you, there you go. Okay, fine. We, we can, yeah. We'll negotiate that down.

Royal: Perfect, perfect. You know, and I think the, the other important part of this, as you're looking at protecting yourself is don't forget about the importance of relationships with other people.

Aric: Absolutely.

Royal: Being able to have a network of people that, you know, maybe both inside of your, your, your office or your firm or your business, uh, but also people in the outside world, in different industries is just more and more important than ever. Uh, especially as we become more and more online, you know, where we're spending, you know, the majority of our free time at home and away. I think it just becomes more and more important, more and more important to be involved in the community.

Aric: Mm-hmm.

Royal: To know what's going on, to, to have those friendships, to have those acquaintances that, you know in the business community. And you should be thinking about your, your personal brand and I, that, that's a buzzy word, but your personal reputation. You know, do people outside of your office know who you are?

Aric: Mm-hmm.

Royal: Are you going to industry conferences? Are you going to community events? Are you a part of the Chamber of Commerce? Are you looking for those opportunities just to be more involved? And I think something that a lot of people don't know how to do is be on the lookout for mentors. Be on the lookout for people who are willing to give you some of that advice, give you some of that, uh, time and wisdom that they've accumulated over years to help you as you're looking at your career, to give you advice as you're looking to make a decision. You know, you can go out and you can hire executive coaches and that sort of thing. Those can be really expensive, but honestly, sometimes it's as simple as just, you know, finding somebody in your life, whether it's a boss, whether it's somebody that you respect, maybe somebody you go to church with or know from the community and just saying, Hey, can, can we sit down for 15 minutes and I just want to talk through this decision with you.

Aric: Mm-hmm.

Royal: You know, those things become really, really important. And if we're not engaged with other people, I really feel like that that's a, a missing opportunity there.

Aric: Yeah. The, I would say that this is not an industry secret, but I mean, let's just break it down. When I was coaching and consulting, and I've coached a lot of business owners, the biggest thing that I brought to the table was accountability. That's it. I mean, I, yes, that I helped them shape their businesses and bring marketing ideas and so on and so forth. Yes, but the bottom line is the relationship stood the test of time, two- or three-year relationship because I brought accountability to the table, what they shared with me and what we decided to do, what direction they wanted to go. They already kind of knew where they wanted to go. I just helped shape that a little bit, and then it was all accountability. When you find a mentor that is willing to pour into you or a, a good friend that is willing to say, hey, let's talk about what your goals are, what you want to do, and they're gonna help hold you accountable and just check in once a week or once every other week. How's that going? What steps have you taken? Have you crossed this thing off your list? That's invaluable. And, and if you can get it for free - Do it any, anywhere you can. The other thing, Royal, when you're talking about this, connecting with other people, I think a, a good resource that people don't utilize very well is LinkedIn. Um, I'm not a big pusher of social media, quote unquote, but I still, I think LinkedIn is still a very valuable source to be able to connect with people in your industry and even maybe find some folks that would, take a little time to pour into you there as well that they're not gonna be your competition, but it's, Hey, I've noticed that you do a really great job at marketing yourself on LinkedIn. Would you be willing to have a half an hour conversation with me? Pick their brain a little bit, chat with them. People like that, because number one, it strokes their ego. Let's be honest. Strokes their ego, that somebody noticed the work that they put in, and they may be willing to spend that half an hour, hour with you just to find out what you're all about and when you can say, Hey, this is what I've really liked. How did you get started doing that? Oh, they're gonna be an open book if they've met, set an appointment with you and you asking questions of how they've found success. Good Lord. It'll be hard to get 'em to shut up like me. Sorry, Royal. I'm trying, not trying to take over here.

Royal: No, no, that's an, that's an excellent point. You know, I, I, I feel like we, we've been talking here for a while now and I'm, I'm almost thinking the next point I wanted to make was just talking about negotiation skills.

Aric: Mm.

Royal: You know, as you're, you're talking with your boss how to ask for a raise, you know, how to look at all that. I really feel like that could almost be its own podcast, so I think we should maybe table that one,

Aric: Okay.

Royal: For the future. And really maybe deep dive on that, because I think that is something that a lot of people don't know how to do. Other than saying, give me more money,

Aric: Uh, this is gonna be all you on that podcast cuz I'm terrible at it. I don't know how to do it. So I'm, I'm looking forward to it.

Royal: Yeah. Yeah. I, I, I think that that would be be great and I think it would be, uh, valuable.

Aric: Um, alright.

Royal: So the, the other thing and what we'll wrap up with this idea here is how do you plan for retirement a amidst all these career changes? And that is really where a relationship with a financial planner is really essential in this new, new day and age, there are so many opportunities that you can miss by not signing up for the 401k plan early, not knowing what all the benefits are that your company offers. How best to manage things as you and your family are changing careers and moving from place to place.

Aric: Mm-hmm.

Royal: That's where a good relationship with a financial advisor that brings accountability, uh, your, your, your buzzword for the day.

Aric: Mm-hmm.

Royal: Back to that relationship is so important. Because it is hard to make career changes. It is stressful.

Aric: Yeah.

Royal: And when things are stressful like that, you kind of put financial planning and financial best practices on the back burner. Everybody does it. So that's where we really recommend that as you're looking to future-proof, uh, your career, find a financial planner that you can work with who is going to be able to devote the time to you to answer those questions as you have opportunities come up in your life so that you can navigate them and that you don't leave anything on the table.

Aric: Yeah.

Royal: So that you're putting yourself and your family in the best possible position. And I'll, I'll, I'll just mention, you can visit our website, we've got a ton of information on there. You can schedule an appointment with a financial planner right there on the website.

Aric: Mm-hmm.

Royal: And it's a great thing to do as you're looking at your future. Sit down with a financial planner. Have that conversation, start planning out, hey, what, what do I need to do to get to where I want to be?

Aric: Yeah.

Royal: I know it's not gonna be a straight line cuz that's not the world we live in. You know, you don't wa walk into the factory at 22 and then walk out at 62 with a pension and gold watch anymore.

Aric: Mm-hmm

Royal: So now we have to be a lot more nimble and a relationship with a financial planner, uh, definitely isn't gonna hurt you in, making those decisions and making sure that you're, you're taking advantage of, uh, all the opportunities in front of you.

Aric: Yeah. I wanna, I wanna add a comment to that because that's another industry that is, I don't wanna say dwindling, because there, there's a lot of advisors out there. However, I think the status still, if it hasn't increased for every three that are retiring and we're talking, you know, a lot of the boomer generation were financial advisors. Uh, for every three that are retiring, there's only one advisor taking their place. So, for the younger crowd that's listening to this and you're just starting your career, that's great. If you find a younger advisor you can grow with them, that's fantastic. But I would say, and this is my opinion, only if you're in your late thirties, early forties and beyond, you need to be looking at the advisors that are established.

You need to be looking for an office like Royal’s. Um, and this, it sounds self-serving, but it truly, I've, I've worked with advisors for 10 years. You need to find somebody that's gonna understand the complexities of your career, your household, your businesses, your properties, whatever you've got. If it's more than just, Hey, I work at company A, and I get this salary and I've got a 401k, and I'm thinking of talking to an advisor. That's great that a younger advisor's gonna do just fine. But when there's complexity, you've gotta find somebody that knows what they're doing. So I'm just echoing that because again, when we're talking about careers, we need a lot more advisors. So if you're young and you're listening to this and you want a good career, again, reach out to Royal. Talk to him about, how do I get into financial advising? How, what did you do? How, how can I be, become a planner? And what education do I need? I'm sure he'd be happy to spend time with you. Um, but if you're looking for an advisor, you need to find somebody that can actually take care of the entire family holistically in a way that's gonna address all of your needs. So Royal again, sorry, not to beat a dead horse or a drum there,

Royal: Um, no worries. And, and I actually recorded a podcast earlier this year on how to choose the right financial advisor for you.

Aric: That's right.

Royal: So check it, check that out. Um, you know, it was, uh, uh, just earlier this year, and you can go to our website at and check that out.

Aric: All right. And then you can, uh, you can schedule time with you there too, right? You said?

Royal: Absolutely. Yeah, sure. Yeah, I've heard that before. So, awesome Royal, I think this was a great podcast. I'm looking forward to the negotiation one. Um, Yeah, if, if you employ me someplace, anybody who employs me right now, if you're listening to this podcast, get ready. Cuz Royal's gonna teach me how to negotiate fiercely, possibly.

Royal: Good. Good.

Aric: Alright, Royal, thanks again man. This has been great.

Royal: My pleasure. Good to see you, Aric.

Aric: You bet. And our last thank you goes to you, our listening audience. Thank you so much for tuning in and listening to the Life by Design podcast with Royal Standley. If you have not subscribed to the podcast yet, please click the subscribe now button below. This way, when Royal comes out with a new podcast, it'll show up directly on your listening device.

And we humbly ask that you share this podcast, rate and leave a review as this actually helps others find the show. Again, thank you so much for listening today. For everyone at Oregon Pacific Financial Advisors, this is Aric Johnson reminding you to live your best day every day, and we'll see you next time.

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Please note that discussions in these shows are for educational purposes only. Information presented should not be considered specific investment advice or a recommendation to take any particular course of action. Always consult with a financial professional regarding your personal situation before making financial decisions. The views and opinions expressed are based on current economic and market conditions and are subject to change. All investing involves risk, including the potential for loss of principal. Securities offered through United Planners Financial Services (UP), Member FINRA/SIPC. Advisory Services offered through Oregon Pacific Financial Advisors, Inc. (OPFA). OPFA & UP are independent companies. Neither OPFA nor UP offer tax or legal advice.